Cash Buyers for Middletown New Jersey Homes For Sale!
By andrew on February 14th, 2011The following stats reflect the percentage of cash sales of Middletown New Jersey home for sale over the last five years:
Year # Cash Closings # Total Closings % Cash to Total Average Sale Price
2006 16 437 3.67% $495,200
2007 16 427 3.75% $512,200
2008 19 367 5.2% $483,700
2009 23 334 6.9% $425,000
2010 36 421 8.6% $470,000
The percentage of cash buyers for Middletown homes for sale is less than the Monmouth County average.
Now cash buyers do attempt to improve their terms by submitting lower offers. The strategy — statistically — appears to work. Notice the following stats for the Percentage of the Sale Price versus the List Price for the same five year period, especially when comparing Cash to Conventional financing:
Year % Sale Price vs. List Price for Cash % S.P. vs. L.P. for Conventional Mortgages
2006 91.82% 96.02%
2007 96.48% 95.88%
2008 91.81% 95.28%
2009 90.98% 94.41%
2010 88.47% 94.21%
These MLS stats indicate that the cash buyer received a discount of 4.25% over the buyer who financed the single-family home purchase in Middletown. Perhaps cash buyers are exiting the equity markets in pursuit of hard assets. Or financing continues to prove cumbersome.
Or the price of local real estate is getting so attractive that savvy buyers ask themselves, “Why borrow at all?”
Interested in Middletown New Jersey homes for sale? E-mail me today! Or call me on (732) 671-1000.
Andrew J. Lenza, Broker Sales Associate
Coldwell Banker Residential Brokerage
